Bitcoin price is set to reverse its multi-week correction with analysts pointing to optimistic on-chain indicators and technicals. A fresh bullish divergence pattern will power a renewed rally for Bitcoin as bulls pine for a return above $100,000.
According to on-chain analyst Javon Marks disclosed on X that technicals for Bitcoin (BTC) are promising for bulls. In a chart shared on the microblogging platform, Marks noted the forming of a bullish divergence pattern for BTC.
Despite the falling prices, Bitcoin’s relative strength index (RSI) is making higher lows, signaling weakening pressure. Marks argues that the charts indicate that buyers are wading in to sponge up selling by bears.
“Prices of Bitcoin have responded majorly to the displayed Regular Bullish Divergence pattern,” said Marks. “This suggests that bears are weakening and that bulls can be coming to take even more control.”
In a previous analysis, Marks disclosed that the bullish divergences are holding up in the face of rising optimism. Ahead of the FOMC, BTC has staged a recovery amid a wave of positive fundamentals for the top cryptocurrency.
“BTC back to heavy bullishness, by the numbers, is looking to be only a matter of time,” added Marks.
As prices dipped, Bitcoin whales waded in to scoop assets at a discount led by corporations holding the BTC on their balance sheets. Institutional investors have sent tremors across the cryptoverse via a series of offerings over the last week. Cantor Fitzgerald launched a $2 billion Bitcoin financing business while Ark Invest gobbled up 997 BTC during the week.
However, there are still fears that Bitcoin can slip to $46,000 if prices fall below its 50-week moving average (MA).
A Bitcoin whale opened an over 300 million Bitcoin short with an entry price of $84,040 with 40x leverage. At the moment, it appears a group of investors are angling to liquidate the whale in what pundits say could be a catalyst for a Bitcoin price rally.
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